Shares of L Brands (LB) were rising slightly on Monday morning despite being downgraded at Jefferies. The firm changed its rating to Underperform from Hold on the shares and cut its price target by $5 to $65. Analysts at Jefferies believe the owner of Victoria's Secret and Bath and Body Works is facing rising competition and pricing compression. They think earnings will decline in 2018, which the analysts added would likely drive multiple contractions. The Jefferies analysts see these headwinds persisting long-term.
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